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In bitcoin, is anonymous really anonymous?

With an increase in the utilization and popularity of bitcoins and the overall blockchain ecosystem, anonymousness in transactions is becoming the preference of many users. There’s some distinction between anonymity while transacting via cryptocurrency, and anonymity while using a search engine. As Bitcoin’s one of the many fundamental principles is decentralization, keeping some portion of […]

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With an increase
in the utilization and popularity of bitcoins and the overall blockchain
ecosystem, anonymousness in transactions is becoming the preference of many
users. There’s some distinction between anonymity while transacting via
cryptocurrency, and anonymity while using a search engine. As Bitcoin’s one of
the many fundamental principles is decentralization, keeping some portion of
the user’s information hidden is somewhat complicated. The complicatedness
occurs concerning the algorithms being written at the backend. Another reason
for the increase in anonymity is the fact that models around the blockchain
framework are experimenting on making it utilized across industries and in a
sustainable fashion. This piece focuses on various protocols through which one
may decide whether a scenario could be built practically or not.

Anonymity in
a Bitcoin

The whole concept
of bitcoin when designed and built was to become an anonymous payment system. A
framework where information between public key/Bitcoin addresses isn’t linked.
But in practicality, there exist some properties through which one could
analyze the features of a transaction, and how a transaction is being implemented.
Through some techniques, one could identify the owner’s behavior via bitcoin
address. One reason identified for anonymity not being effective was that not
many users were present in a network making a specific feature get quite
visible and easy to detect. Anonymity in a protocol may not operate properly
without a communication channel. As the anonymity characteristic is still being
researched and experimented by technical experts to date, there’s a probability
that a fresh prototype may be built in the future.

Another prototype
being developed to make transactions anonymous is Dandelion. Anonymousness
includes two variables, ‘recall’ and ‘precision’. A recall is a probability of
identifying, while precision detects the exactness of the estimator. The
prototype uses a dandelion spreading technique for achieving anonymity. The
technique consists of two phases. In the first phase, the message is spread
over a randomly-selected area for a non-structured number of hops. In the
second phase, the message is broadcasted using diffusion until the entire grid
receives the message. Employing these phases helps in optimizing anonymity and
latency.

Tracking
Digital Footprints:

The most recent
digital currency started being utilized by some percentage of the population in
Cryptocurrency. The idea of using a decentralized currency daily came around
2008-09, but it became a reality only around 2014-15. A currency’s worth
increases as the trust in individuals using it increases. It was so when gold
or silver was used as a currency. It certainly was true and even is true up to
some extent even today regarding currencies like Dollar, Yen, Pound, etc. The
same is happening with cryptocurrencies. As major financial institutions are
realizing it, they’re also starting to invest in them. But to avoid using it illegally,
some form of tracking is required for accountability’s sake. One such prototype is mentioned below.

As one may see in
the image above, the proposed prototype takes into account a little complex
route involving regulatory organizations also so that the probability of the
transaction being done illegally doesn’t arise. There are many web browsers
(like Tor) in which money laundering, funding terrorist organizations, and
similar activities take place. To avoid such scenarios and to intensify the
reliability, and trust of the user towards regular usage of cryptocurrencies,
such type of fresh mechanism was built.

Blindly
Signed Contracts:

Many experts have
been researching in resolving the anonymity issue. Another piece of research shows that through ‘epochs’ (on-blockchain) and ‘micro-payment
channel networks (off-blockchain)’, the issue of anonymity could be resolved. By
using the off-blockchain method, the confirmation of blocks happens within a
few seconds rather than a few minutes. Using these techniques, it was observed
that the transaction was unforgeable, DoS Resistant, and Sybil Resistant as
well. Employing the on-blockchain and off-blockchain technique turned out to be
quite effective, just like its comparatively harder (almost impossible) to
crack an iOS operating system in comparison with an android or a windows
operating system.

Anonymity in
Bitcoin via P2P network Traffic:

Technically
speaking, bitcoin functions as a data structure. Just like in a linked list,
some data from the prior block is used, after which it’s added and then sent to
the consecutive block. The block which receives the data again takes some data
as input, and then adds the data before sending it to the consecutive block. P2P network uses a gossip protocol for circulating the messages
to the rightful receiver. CoinSeer was developed after getting inspired by Dan
Kaminsky’s Black Hat presentation in 2011. To develop the protocol, initially,
a certain type of pattern was found. Then, the pairing of bitcoin address and
internet protocol (IP) was created. After this, the pairings were computed and
analyzed statistically. Then came the part where ownership pairings were
detected. Finally, the insignificant pairing was removed. In the end, applying
highly conservative constraints, the desired outcome was achieved.

2nd
Generation Bitcoins Anonymization Techniques:

With constant up-gradation
in technology and blockchain being decentralized, mechanisms to overcome the
anonymity issue becomes like a ‘piece of cake’. The second generation of anonymization techniques aims at eliminating the single point of failure while
being deployable in the present Bitcoin ecosystem. Some techniques include Fair
Exchange, Coin Swap, Coin Join, Stealth Address.

The above image is
an example of Coin Join. In layman words, using this technique is like using a
one-time-password (OTP). The transaction’s input needs to have a genuine
signature independent of other inputs. Each input is computed over the complete
transaction and hence is valid for only that particular transaction. The
anonymity in this type of technique depends on the extent of differentiability
and the difficulty of inferring valid subsets of inputs and outputs.

Concluding
Remarks:

As one could infer that numerous prototypes have been developed to date, and still researches are going on to build a foolproof technique. PrimaFelicitas is among few companies which have offices located at prime areas across the world i.e. where research around the blockchain happens 24*7. Besides that, the company’s founders have an educational background in computer science in the engineering field, and extensive experience related to such technologies as well. To know more about the upcoming platforms or to get some assistance to contact at PrimaFelicitas.

The post In bitcoin, is anonymous really anonymous? appeared first on PrimaFelicitas.

Source: https://www.primafelicitas.com/in-bitcoin-is-anonymous-really-anonymous/?utm_source=rss&utm_medium=rss&utm_campaign=in-bitcoin-is-anonymous-really-anonymous

Blockchain

Robinhood Testing New Cryptocurrency Wallet as Demand Rises

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The millennial-focused trading portal is edging closer to launching a long-awaited app that will enable its growing user-base to send and receive cryptocurrencies.

A beta version of Robinhood’s iPhone app showed the company’s latest upgrades on the new digital asset features, according to Bloomberg.

There is a hidden image showing a waiting list for users eager to get their hands on the app and code referring to crypto transfers, it added.

Delving Deeper into Crypto

Robinhood users can already buy and sell cryptocurrencies on the platform but they need to convert them to and from USD. With a native app, users will be able to send crypto assets to each other directly and set up two-factor authentication for additional security.

Robinhood Chief Executive Officer Vlad Tenev stated that adding crypto wallets is a priority for the company’s developers and they are actively working on such.


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“The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

He did not specify a launch date, but the beta app leak suggests it is not too far away. Users of the new functions will need to activate crypto sending and receiving and the registration page will require an identity check, the report added.

On Sept. 11, CryptoPotato reported that Robinhood had launched incentives to promote longer-term cryptocurrency investing. The zero-fee recurring purchase feature enables users to schedule digital asset purchases for regular intervals with buys as low as a dollar.

This will encourage customers to build their cryptocurrency portfolios over time and “become a whole coiner,” stated Robinhood.

Robinhood Users Hungry For Crypto

Cryptocurrency trading has been one of the biggest drivers of revenue for Robinhood this year. Dogecoin has been the crown jewel, according to the company. It reported that 62% of its $233 million in second-quarter crypto income came from DOGE trading.

It added that more than half of all transaction-based revenue on the platform came from digital asset trading. The firm did warn that Q3 would not be as prosperous due to “seasonal headwinds and lower trading activity across the industry.”

Robinhood share prices have already fallen 43% since their all-time high of a little over $70 in early August. They are currently trading down 1.68% since Monday’s open at $40.70 according to Yahoo! Finance.

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Source: https://cryptopotato.com/robinhood-testing-new-cryptocurrency-wallet-as-demand-rises/

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Blockchain

Snoop Dogg Reveals His Connection With Twitter Account on NFTs

Snoop Dogg Twitter

Rate this post American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment. Snoop Dog Claims to Be Popular NFT Advocate on Twitter Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs.  The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.   According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll. On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”   Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal. Is Medici Account an Elaborate Prank? The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement. “I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments. Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

The post Snoop Dogg Reveals His Connection With Twitter Account on NFTs appeared first on Cryptoknowmics-Crypto News and Media Platform.

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American rapper Snoop Dogg tweeted on Monday that he’s the owner of a Twitter account that talks about nonfungible tokens (NFTs). The account, named @CozomoMedici, shares “insights and tales from the wild world of NFTs” and has 27.7K followers at the moment.

Snoop Dog Claims to Be Popular NFT Advocate on Twitter

Snoop Dogg left the crypto community stunned this week after he revealed himself as the owner of a Twitter account dedicated to NFTs. 

The account Cozomo de’ Medici, named after an Italian banker, is only a month old. However, it has already garnered attention from industry watchers and even a mention from crypto-focused news outlet The Block.  

According to The Verge, the person behind the Medici account had been creating hype around their real identity for “at least a few days” and even conducted a poll for their followers to take a guess. The poll featured Democratic congresswoman Alexandria Ocasio-Cortez and Matt Bellamy, the lead singer of the rock band Muse. Snoop, however, was not mentioned in the poll.

On September 20, @CozomoMedici tweeted that they were about to reveal their identity from their account. Shortly after, Snoop Dogg tweeted “I am @CozomoMedici.”

Interestingly, after making this revelation, the Medici account bought two weed-themed collectibles from an artist named NyanDogg, The Verge reported. Additionally, Snoop’s alleged OpenSea account has been sent  “a cloud of blunt and Snoop-themed NFTs” following the reveal.

Is Medici Account an Elaborate Prank?

The Medici account could likely turn out to be an elaborate prank, one that Snoop might have engineered himself or just participated in. Many reactions to Medici’s reveal have also expressed skepticism about Snoop’s involvement.

“I have a hard time accepting that this account is Snoop Dogg. Like seriously Snoop Dogg muted his live stream for a week (?) by accident. And he is that deep into NFTs out here owning crypto punks… Owning Eth using OpenSea. Would love that to be true but I can’t believe it,” Twitter user @Brandolf485 wrote in the comments.

Nonetheless, the crypto community will have to continue looking for concrete proof till Snoop’s involvement with the account is confirmed. 

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Source: https://www.cryptoknowmics.com/news/snoop-dogg-reveals-his-connection-with-twitter-account-on-nfts/

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Blockchain

TA: Ethereum Breaking This Confluence Resistance Could Spark a Recovery

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Ethereum started a major decline below the $3,200 support zone against the US Dollar. ETH price traded as low as $2,807 and it is now attempting a recovery wave.

  • Ethereum started a fresh decline below the $3,300 and $3,200 support levels.
  • The price is now trading below $3,200 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could a steady recovery wave if there is a close above $3,050 in the near term.

Ethereum Price Corrects Losses

Ethereum started a major decline from the $3,500 resistance zone. ETH traded below many important support zones near $3,300 and the 100 hourly simple moving average, similar to bitcoin.

The bears gained strength below the $3,200 support zone. Finally, ether spiked below $3,000 and extended its decline. A low is formed near $2,807 and the price is now correcting losses. There was a break above the $2,920 and $2,950 resistance levels.

The price recovered above the 23.6% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. An immediate resistance on the upside is near the $3,020 level. There is also a key bearish trend line forming with resistance near $3,020 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $3,020 and $3,050 levels could start a decent recovery. The next major resistance might be near the $3,130 level. It is near the 50% Fib retracement level of the recent decline from the $3,455 swing high to $2,807 low. A clear break and close above the $3,130 level could start a steady increase. The next major resistance sits near $3,300.

More Losses in ETH?

If ethereum fails to correct higher above the $3,020 and $3,050 resistance levels, it could start another decline. An initial support on the downside is near the $2,960 level.

The next major support seems to be forming near the $2,900 level. A downside break below the $2,900 support zone could lead the price towards the $2,800 zone. The next major support is near the $2,750 level, below which ether price might decline towards the $2,640 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is still well below the 50 level.

Major Support Level – $2,960

Major Resistance Level – $3,050

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Source: https://www.newsbtc.com/analysis/eth/ethereum-confluence-resistance-3050/

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